NEWS Telefonica's profits have fallen 72 per cent in its latest quarter as the collapse of the Argentine peso and sluggish demand in the rest of Latin America hits home. Spain's largest telco was also effected by tariff cuts in its home country. Net profit dropped to E121.1m (£80m) from E431.8m (£270.5m) a year ago. Nevertheless, that figure was above expectations and the company's shares rose slightly on the back of the news.
Telefonica profits plunge
Latin America hits results hard
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